Printer Friendly

MGI PHARMA TAKES ONE TIME CHARGE IN 1993 FOURTH QUARTER

 MINNEAPOLIS, Jan. 17 /PRNewswire/ -- MGI PHARMA, INC. (NASDAQ: MOGN), a pharmaceutical company, announced today that it has taken a $633,000 charge to 1993 fourth quarter results relating to the settlement of litigation involving the Molecular Genetics Research and Development Limited Partnership. The settlement agreement, which is subject to court approval, resolves all disputed matters and frees MGI PHARMA from any future obligations with respect to the Partnership technology.
 In addition to this one-time charge, MGI PHARMA expects the loss for the fourth quarter ended Dec. 31, 1993, to be increased by expansion of its research and development activities and certain sales and marketing expenses associated with preparatory plans for the launch of Salagen(R) Tablets. MGI anticipates reporting a loss for the fourth quarter between $4.2 and $4.6 million, or 37 and 40 cents per share. This would compare with a loss of $2,658,628, or 24 cents per share for the fourth quarter of 1992. Results for the year ended Dec. 31, 1993, are anticipated to fall between $11.5 and $11.9 million, or $1.01 and $1.04 per share, which would compare with a loss of $9,246,728, or 83 cents per share in 1992. The aforementioned results are only preliminary. The final audited results will be announced in mid-to-late February 1994.
 James Adam, MGI PHARMA's vice president, chief financial officer, secretary and treasurer, stated that "While a number of things will combine to result in a relatively large loss for the fourth quarter, we consider them to be positive activities for the future of MGI PHARMA. The settlement completes a final piece of old business. We continue to make progress in the development of our product pipeline. And, most importantly, we are poised to launch Salagen Tablets, our first major product, relatively soon after it is approved by the Food and Drug Administration."
 On Dec. 29, 1993, MGI announced that it had received an "approvable" letter for Salagen Tablets from the Food and Drug Administration, which is the step immediately prior to receiving final approval to market a product.
 MGI PHARMA acquires, develops and markets pharmaceuticals. Its goal is to develop innovative products that significantly improve the treatment for a variety of serious medical conditions.
 -0- 1/17/94
 /CONTACT: Lori Weiman of MGI PHARMA, 612-939-4666/
 (MOGN)


CO: MGI PHARMA, INC. ST: Minnesota IN: MTC SU: ERP

DB-CP -- MN015 -- 1489 01/17/94 17:46 EST
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 17, 1994
Words:406
Previous Article:POE & BROWN, INC. ANNOUNCES QUARTERLY CASH DIVIDEND
Next Article:MANUGISTICS REPORTS FINANCIAL RESULTS FOR FISCAL 1994 THIRD QUARTER
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters